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Revised Schedule VI, Schedule VI, Companies Act, Accounting Standards, Indian GAAP - EY - India

Good Company (India) Limited

An illustrative set of Indian GAAP financial statements for the year ending 31 March 2012.

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The revised Schedule VI, applicable for financial years beginning on or after 1 April 2011, is likely to have significant impact on financial statements of most companies. 

It introduces many new concepts regarding presentation and disclosure of financial statements; the most significant being the classification of assets and liabilities into current and non-current. Though these financial statements prepared under Indian GAAP and revised Schedule VI are not IFRS compliant, they will more closely resemble IFRS financial statements in terms of the presentation and the styling. This is a good first step, in the process of converging to IFRS.

This publication, Good Company (India) Limited, contains an illustrative set of financial statements for a fictitious company prepared in accordance with revised Schedule VI  and accounting standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended). This publication is updated for all developments till 14 February 2012. I trust that these illustrative financial statements will act as a practical working model to help you in preparing your own annual financial statements prepared in accordance with Indian GAAP and revised Schedule VI. 

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